We are currently waaaayyyy deep in debt. My question is this, how is my HEL done? House appraised at 75k, currently mortgage is 60k with a monthly pmt of 450, fixing to go up when we get a 3% hike in december. HEL is for 22k, 318 a month. Would both of those be reaffirmed?
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In general, it depends on you. Do you want to stay in the house? Between the 1st and the HEL you're a little upside down. If you want to keep the house you should keep both payments current. If you want out of the house, you would be able to stop making payments once you were preparing to file BK and save the $$ to get ready to move.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision. -
I definitely want to keep the house. Thanks!Originally posted by StaciMMComment
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If you are certain that you are going to file, then you can stop paying unsecured creditors, i.e., cc's to help you make your house and HEL payts.
OTOH, you might want to wait a couple months til you know what you new mortgage payment will be, so that you are certain that it is included in your BK. At the least, I sould contact the lender and ask what the payt. will be and list that as the payment beginning on xx/xx/xxxx. Good luck.Comment
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